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The single market has promoted growth, employment and competition, but the EU still has some way to go towards meeting the target of creating a set of truly common rules. This is the theme of a major new report to be presented by the Commission at the next European Council meeting in December. The report took two years to complete and gives an overview of the impact and effectiveness of the single market since its inception nearly four years ago.

Recent developments in the legal field in Turkey include the following:

Performance bonds are contracts of guarantee commonly used in international trade. Their commercial purpose is to secure the performance of a primary obligation through assured and prompt payment in case of default. No dispute arising out of the underlying agreement between the principal and the beneficiary of the guarantee ought to interfere with the independent undertaking of the guarantor. Hence, performance bonds invariably include an absolute undertaking by the guarantor to pay 'on first demand'.

The regulatory reforms to the economic and tax regime of the Canary Islands are still awaiting approval by the Spanish authorities. When the process, which started in 1991, is finally completed, the Canary Islands Special Zone will take effect within the framework of the EU, and will remain operative until at least the year 2024. One of its objectives is the creation and development of a Canary Islands financial market.

The concept of lending money is relevant to a number of pieces of legislation in Australia and can be either the trigger for the imposition of restrictions or the basis of exemptions.

In a referendum, Norway voted against membership of the EU. However, because Norway is a member of the EEA, EU legislation on finance and commerce must also be implemented as domestic Norwegian law. Not only does this open up Norway for business from the EU; it opens up the EU for business from Norway.

A bill on the legislative framework for the National Securities Centre was recently published by the Finnish government. Under the proposal, legislation on the book-entry securities system would also be amended.

The Limited Liability Partnerships (Jersey) Law is expected to come into force in the spring of 1997. The UK government has announced its intention to introduce similar legislation in Britain, thus demonstrating that it recognizes the liability issues now facing professional services organizations, and lending its support to the proponents of such legislation. The deputy vice-president of the Law Society, Michael Matthews, has stated that there is no policy reason why solicitors should not take advantage of Jersey's proposed limited liability partnerships.

Decree 1295 of 1996, enacted by the Colombian Government on July 24, approved several modifications to the international investment regime. The decree simplifies and expedites procedures and requirements in this area.

The Central Bank of Chile has for sometime imposed a requirement to deposit with it on a non-interest earning basis (or to pay as an alternative a fee) an amount equal to 30% of almost all equity investments made under Chapter XIV of the Compendium of Foreign Exchange Regulations and of loans registered under that Chapter and under Decree Law 600.